The Deputy Director-General of the Securities and Exchange Commission, Mensah Thompson, has announced that President John Dramani Mahama has signed the Virtual Asset Service Providers (VASP) bill into law.
The bill, which has been assented into law, will regulated virtual assets ecosystem and mark a significant milestone in the country’s financial sector development.
The new law provides a legal framework related to virtual assets, including cryptocurrencies.
The Securities and Exchange Commission and the Bank of Ghana are expected to play central roles in supervising and regulating virtual asset service providers.
In a Facebook post, Mensah Thompson stated, “The Bill, among other things, legalises the usage, trading and provision of service in the virtual assets (including cryptocurrencies) space.
“The SEC and the Bank of Ghana wish to congratulate His Excellency the President, the Minister for Finance, the Governor of the Central Bank and the Director General of the SEC for their foresight in moving Ghana an inch closer towards the next phase of global finance and inclusion.
“Special thanks to VASP market operators, including the big exchanges and traders, who made immense contributions towards the bill and most importantly to the Chairman of the Finance Committee of Parliament, the Hon Isaac Adongo, for his enormous directions and support throughout the legislation process,” Mensah Thompson wrote on Facebook.
Mensah Thompson had earlier issued a stern warning to influencers and celebrities.
The Deputy Director-General of SEC highlighted that only licensed and authorised persons are allowed to promote virtual assets.
According to Mensah Thompson, the Virtual Asset Market is volatile, and the specific rules have been designed to guide advertisement, promotion, and advocacy.
Speaking at the National Virtual Asset Literacy Programme for Virtual Asset Market Operators, Mensah Thompson explained, “We all know how volatile the virtual asset space is. And that’s why specific rules have been designed to guide advertisement, promotion, and advocacy.
And so influencers who want to work in this space, please be reminded that there are rules concerning advocacy and influencing in the virtual asset space,” he said.
“And only licenced and authorised persons will be allowed to engage in advocacy, advertisement, or promotion in the virtual asset space. And there are consequences for this breach.
And so we want to send this message to you, that if you want to work in that space as an influencer, take steps to contact the SEC and the Bank of Ghana for the rules that guide that,” he added.
Meanwhile, the Attorney General and Minister of Justice, Dr Dominic Akuritinga Ayine, has revealed that the Economic and Organised Crime Office (EOCO) has recovered US$15.1 million defrauded from Ghanaians through virtual assets.
According to the Attorney-General, the US$15.1 million defrauded from Ghanaians in an online investment scheme dates back to 2019 through virtual assets such as cryptocurrency.
The AG revealed that EOCO has frozen and recovered virtual assets worth US$15.19 million that were hidden in foreign jurisdictions.